American States Water Company (NYSE:AWR) Q1 2024 Earnings Conference Call May 8, 2024 2:00 PM ET
Company Participants
Bob Sprowls - President & Chief Executive Officer
Eva Tang - Senior Vice President, Finance & Chief Financial Officer
Conference Call Participants
Jonathan Reeder - Wells Fargo
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the American States Water Company Conference call discussing the company's First Quarter 2024 Results.
The call is being recorded. If you would like to listen to the replay of this call, it will begin this afternoon at 5:00 p.m. Eastern Time and run through Wednesday, May 15, 2024, on the company's website at www.aswater.com. The slides that the company will be referring to are also on the website.
This call will be limited to one hour presenting today from American States Water Company are Mr. Bob Sprowls, President and Chief Executive Officer; and Ms. Eva Tang, Senior Vice President in Finance and Chief Financial Officer.
As a reminder, certain matters discussed during this conference call may be forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Please review a description of the company's risks and uncertainties in our most recent 10-K and Form 10-Q on file with the Securities and Exchange Commission.
In addition, this conference call will include a discussion of certain measures that are not prepared in accordance with general accepted accounting principles or GAAP, in the United States and constitute non-GAAP financial measures under SEC rules. These non-GAAP financial measures are derived from consolidated financial information but not presented in our financial statements that are prepared in accordance with GAAP. For more details, please refer to the press release.
At this time, I would like to turn the call over to Mr. Bob Sprowls, President and Chief Executive Officer of American States Water Company. Please go ahead, sir.
Bob Sprowls
Thank you, Chuck. Welcome, everyone, and thank you for joining us today. I'll begin with some brief comments on the quarter. Eva will then discuss some financial details, and then I'll wrap it up with updates on regulatory activity, ASUS dividends, and then we'll take your questions.
It was a solid quarter for the company as we continue to invest in our regulated utilities and began water and wastewater operations at two new military bases in April. Let's first briefly discuss our earnings for the first quarter of 2024. Reported diluted earnings for the quarter decreased by $0.31 per share from the same period in 2023, or a $0.02 per share increase as adjusted. The $0.02 per share higher adjusted earnings were largely from the third year 2024 water rates approved in the final decision in Golden State Water's general rate case, partially offset by lower construction activities at ASUS due to timing differences in performing work and the delay in the electric general rate case decision. Eva will discuss the adjusted results in more detail.